Calculate the lifetime value of your client. As a real estate sales professional, you likely get paid by commission. This commission is the culmination of hard work, marketing your services, securing your client, promoting the property and negotiating the sale. So it stands to reason that you would put a value on that client equal to the commission you earned on the transaction, right? Wrong. Your client is worth more to you than that. The value of that client shouldn’t be based on one transaction; it should be based on the relationship you have going forward, over its lifetime. According to the REAL Trends 2016-17 Online Performance Study, the Lifetime Value of a Real Estate Client (LTV) is a real, calculable figure that takes into consideration several factors: Age of client Average years in a home Repeat business Referrals Adwerx built a free calculator to figure this out. Try it: http://www.adwerx.com/ltv_calculator LTV is the total inflow of cash resulting from your relationship with a client over the entirety of that relationship, not just a single transaction. So, the investment you were prepared to make in one client just changed. And here’s the catch: this calculation can make or break your…
Category Archives: Tips for Agents
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The 2016 U.S. Olympic Team is made up of more than 500 athletes who have dedicated their lives to earning a gold medal. As we’ve watched Michael Phelps win his 28th gold medal and Simone Biles leap to her 4th gold in gymnastics, perhaps what is most astonishing about these athletes is the effortlessness which they display their talents paired with incredible mental strength. For each of these athletes, it’s taken a certain mindset to get them where they are today in Rio. Taking a cue from the Olympic athletes, learn to apply their hard work and discipline to score the gold as a real estate professional.
To almost quote Dionne Warwick, ‘Wishing, Hoping, Needing, & Praying’ are words that make real estate agents crazy. When buyers and sellers apply fantasy wishes to the real estate process it is a recipe for frustration and ultimately, failure. Not only is it “fool hardy”, it can be incredibly costly to the buyer and seller. Listed below are scenarios where wishful thinking and not dealing with reality make for an unpleasant and unsuccessful real estate experience.
In virtually every business category, branding and brand identity are mission-critical in order to be successful. The same holds true within the real estate industry. But before we cover some trend-forward tips on effective branding strategies, let’s first define what branding is. The following is a realtor-friendly definition of branding which combines several viewpoints and conveniently ties them together in the following description:
With the residential real estate market heating up, it’s a good bet that as a realtor, your business is picking up too. But unless you don’t mind losing a listing or two, or missing out on a sale for your clients, it’s not only important to know what you should say in certain situations, but also what you should not say. Here is our list of five things a realtor should never say if you want to stay number ONE.
As social media continues to become more intertwined with our ecosystem and everyday way of living, it’s becoming more perilous to not use it for business means. 90% of millennials (ages 18-29) use social media, which is nearly everyone. In September of 2015, Instagram hit 400 monthly users, surpassing Twitter. Not only does social allow you to reach new audience members (in particular the Millennial audience) and create awareness in your community but it’s also effective in driving traffic. While there are many advantages to using social media to help sell homes, finding the time to do it effectively, can be a task.
Smart home technology is getting smarter all the time. With a proper home automation setup, a user can now set a lighting schedule, adjust the blinds, and lock the door from their mobile device. And as gadgets advance further, more homeowners are ready to jump on the smart home bandwagon. From a home-selling standpoint, smart home technology opens up a whole new world of staging and presentation possibilities. However, it will take some adaptation and flexibility to make the most of this new market. Here are three tips on how to sell a smart home.
The following is an excerpt from the book, “The Art of Buying and Selling Real Estate”. In 1989 I had obtained my real estate license and immediately went to work at a small office called Shadowridge Realty. I knew no one. I had no referral base, no sphere of influence, nothing. I was green but bold. I had no idea at the time but I had just chosen to purchase a home and start a career in real estate at the beginning of what would become perhaps the most difficult and challenging period ever experienced in the San Diego real estate market.
Real estate agents are licensed salespersons who manage a real estate business and are hired to assist in the process of selling and buying a property. Before hiring a real estate agent, remember that while there are many great experts in the industry, there are also unprofessional ones who may not have your best interest in mind or lack certain skills.